BATS Exchange Unveils New Pricing for Listings Business; Announces
Lead Market Maker Program

BATS Offers Free Listings to ETPs That Trade More Than 400,000 Shares
a Day,LMM Structure to Complement Competitive Liquidity
Provider Program

May 29, 2014 10:00 AM Eastern Daylight Time

KANSAS CITY, Mo.--(BUSINESS WIRE)--BATS Exchange, a leading U.S. equities exchange operated by BATS Global
Markets, today announced new pricing for its U.S. listings business.

With the new pricing, exchange-traded products (ETPs) that trade more
than 400,000 shares per day will be eligible for a free listing on BATS
Exchange. BATS had previously offered free listings to any ETP that
traded more than 2 million shares per day. Under the new pricing, 223
ETPs market-wide will currently be eligible for a free listing on BATS.

BATS Exchange will also be introducing a Lead Market Maker (LMM) program
for its listings business beginning June 2. The LMM program, which has
been approved by the Securities and Exchange Commission (SEC), is a new
rewards-based program designed to incent market makers based on the
amount of executed added liquidity they provide in BATS-listed
securities for which they are an LMM. The new LMM program is designed to
provide even greater incentive to market makers to provide liquidity in
less actively traded products, which can strengthen their appeal as an
investment alternative for retail and institutional investors.

The LMM program will complement the existing Competitive Liquidity
Provider (CLP) program, which rewards market makers for tighter quoted
spreads with increased liquidity in BATS-listed securities, and is
currently slated to become an optional issuer-sponsored, add-on program
later this summer.

“Multiple market model offerings is an important strategy in making
BATS’ listings platform more attractive to the broader issuer
community,” said William O’Brien, President of BATS Global Markets.
“Just as our trading customers have diverse needs, ETP issuers can have
differing needs from their listing venue. With free listings to more
ETPs, combined with the flexibility of both an LMM and CLP market model,
issuers now have greater control to determine how best to maximize the
value of a BATS listing.”

“As we grow our listings business, we’re continually looking for new
ways to bring value and help make markets better for today’s issuer,”
said Brian King, Director of Listings at BATS Exchange. “We’ve listened
closely to the unique needs of today’s ETP issuers, both large and
small, and our LMM program is designed to help improve market quality
for issuers, while the new pricing structure will help issuers save on
listing fees.”

More than 26%1 of all ETP trading in the U.S. markets happens
on the BATS exchanges, making BATS the #1 exchange operator in ETP
trading. BATS launched its U.S. listings business in December 2011. The
BATS Exchange is also known as the BZX Exchange.

BATS Exchange Listings Fee Schedule Highlights:

Annual Average Daily Volume (ADV)*(shares
traded per day)

Annual Fee

Initial Listing Fee (one-time fee, waived for transfers)

$5,000

Up to 10,000

$5,000

10,000 – 40,000

$8,000

40,000 – 80,000

$12,000

80,000 – 150,000

$15,000

150,000 – 400,000

$18,000

More than 400,000

Free

* Based on three-month ADV

________________________________________

1 Based on ArcaVision.com data (April 2014) for all four BATS
exchanges.

For ETPs listed on another exchange and interested in transferring their
listing to BATS, the initial fee will be waived. Issuers whose ETP
trades more than 400,000 shares per day will not be charged an annual
fee.

BATS Global Markets, Inc. is a leading global operator of securities
markets, committed to Making Markets Better for traders, investors and
issuers. In the U.S., BATS operates four stock exchanges – BZX, BYX,
EDGX and EDGA – and regularly ranks as the top market for ETF and
retail-driven liquidity. The company is an important listing venue for
ETFs and other structured products and also operates BATS Options, a
U.S. equity options market. In Europe, BATS operates the largest
pan-European equities exchange, offering trading and listing services
across 15 major European markets. With its world-class proprietary
technology and relentless customer focus, BATS strives to bring
efficiency, transparency and fairness to market participants. The
company is headquartered in Kansas City with offices in the New York
area and London. Further information on BATS can be found at www.bats.com
and by following us on Twitter @BATSGlobal.